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BIG SKY INDUSTRIAL INC. (BSIN) received an amended Schedule 13D/A from a group led by Sage Road Capital, LLC and individuals Joshua L. Batchelor and Benjamin A. Stamets. The reporting persons now beneficially own 2,580,751 shares of common stock, representing 4.9% of the outstanding shares, based on 52,493,428 shares outstanding as of August 4, 2026. All reported shares are held with shared voting and dispositive power through entities including Banner Oil & Gas, LLC, Woodford Petroleum, LLC, Sage Road Energy II, LP, and SRC Management Company, LP. The group states that each reporting person now owns less than 5% of the common stock and that this filing is a final amendment, with no further amendments intended.
BIG SKY INDUSTRIAL INC. former director Randall D. Keys reported his equity holdings as of May 8, 2026, when his term on the board expired and he ceased to be subject to Section 16. No trades occurred; the filing is voluntary and for position-reporting only.
Keys holds 193,913 shares of common stock directly. He also holds a non-qualified stock option for 230,000 shares of common stock at an exercise price of $1.11 per share, granted on March 4, 2026. This option became fully vested and exercisable on May 8, 2026 and remains outstanding and unexercised.
Big Sky Industrial Inc. reported second quarter 2026 results while highlighting progress on Phase I of its Big Sky Carbon Hub in Montana. The company executed a five-year, 100% take-or-pay helium offtake agreement at a $285 per Mcf plant-gate price and advanced construction of its processing facility and gathering infrastructure, targeting first revenue in the first quarter of 2027.
For the quarter ended June 30, 2026, production was 33,747 BOE and revenue was $2.1 million, with an average realized price of $63.24/BOE. Big Sky Industrial recorded a net loss of $2.3 million or ($0.04) per share, compared with a $6.1 million loss a year earlier, and Adjusted EBITDA of $(0.9) million.
As of June 30, 2026, cash was $6.0 million and total liquidity was $21.5 million, including $15.5 million of undrawn credit facility capacity. Total debt outstanding was $4.5 million. The company completed its rebrand to Big Sky Industrial Inc., with common stock now trading on Nasdaq under the ticker BSIN, and continues to transition from a legacy E&P business toward an integrated industrial gas, carbon management, and energy platform.
Big Sky Industrial Inc. reported a net loss of $2.3 million for the quarter and $5.5 million for the first half of 2026, driven mainly by lower oil and gas production after prior divestitures. Six‑month revenue declined 11% to $3.7 million, as BOE volumes fell 29%, partly offset by higher realized oil prices.
The company is pivoting toward its industrial gas strategy and reached a final investment decision on the Big Sky Carbon Hub in Montana. The planned plant has up to 8.0 MMCF/d inlet capacity, targeting annual output of 14.4 MMCF of helium and 125,000 metric tons of refined CO₂, with initial operations anticipated in 2027.
Liquidity improved: cash rose to $6.0 million, the credit facility borrowing base increased to $20 million with covenant testing suspended through Q1 2027, and the company raised about $17.2 million via equity, lifting total assets to $55.9 million. A five‑year helium sales agreement includes a 100% take‑or‑pay commitment for up to 14.4 MMCF annually at $285 per MCF. Management anticipates $20–25 million of additional 2026 capital spending, mainly for Big Sky infrastructure, to be funded through cash, operations, the credit facility, further equity, and potential project financing.